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CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines - Business - Nairaland

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CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by maximunimpact(m): 11:43am On Aug 30, 2021
The Central Bank of Nigeria (CBN) has reportedly confirmed that its e-naira digital currency will have a legal tender and non-interest-bearing asset status. In addition, a limit on customer transactions and value-based transactions will be imposed.

Five-Stage Launch

The new revelations concerning the e-naira’s design as well as the operational module are contained in a document that was recently sent to banks by the CBN. The same document also shares details about the duties assigned to each of the parties participating in the e-naira program.

As explained in the report, the CBN itself will be responsible for the first part of the e-naira rollout. This will involve the issuing, distribution, redemption, as well destruction of the currency. In the second stage, which is called the Financial Institution Suite, “licensed financial institutions will be able to request currency or issue stablecoins.” They will also “manage digital currency across branches, KYC, identify and AML compliance capability.”

The Nigerian government will become involved at the third stage where it will “process digital payments sent to and received from citizens and businesses.” At the fourth stage are merchants who are expected to provide “low-cost payment and business management software, POS, remote payment solutions, online capabilities, transaction analysis and reconciliation.” The last stage, which is also known as the Retail Consumer Suite, will focus on the digital currency’s architecture.

‘Speed Wallet’

Meanwhile, a separate report says the CBN is now on course to launch a wallet for its digital currency. According to the report, this wallet enables the CBN to meet its goal of launching the e-naira by October 1, 2021. However, this wallet will not compete with existing banks. Instead, the Cryptotvplus report says it will “serve as a means to transact value, pending when banks and other innovators can provide their own wallets.”

The wallet, which is also known as the Speed Wallet, will have three tiers. The first tier is designated for Nigerians without bank accounts. However, access will only be gained upon the submission of “a passport photograph, name, place & date of birth, gender, address and phone number.”

Tier-two wallet users on the other hand must “own an account with an existing bank.” Users at this level “can only send and receive $400 [N200,000] daily with a cumulative balance daily of $1,000. [N500,000.]” The minimum requirement for this level is a Bank Verification Number (BVN). The third tier allows transacting daily to the tune of $2,000 with a cumulative balance daily of $10,000. Having a BVN is the minimum requirement.
https://www.financialwatchngr.com/2021/08/30/cbn-reveals-cbdc-guidelines-announces-plan-to-launch-e-naira-wallet/

2 Likes 1 Share

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by otokx(m): 11:57am On Aug 30, 2021
Hmmm

1 Like

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by cbrezy(m): 7:35am On Aug 31, 2021
After banning Cryptocurrency you now release a digital currency, is this digital naira under blockchain Network someone should explain further.

[img]https://c./IDJmsg3UIA4AAAAM/homer-day-dreaming.gif[/img]

22 Likes 1 Share

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Derring: 7:35am On Aug 31, 2021
Cbn with so useless policy to enrich themselves.
Na so dem ban crypto poor man d use survive. TFU

1 Like 2 Shares

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Nobody: 7:36am On Aug 31, 2021
I know say naira crypto go still dey drop undecided

22 Likes

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by JOACHINpedro: 7:36am On Aug 31, 2021
I'm not into Blockchain tech but if this is somehow related to crypto then FG should cover her face because this hypocritical shame don dey transmit 6G angry

40 Likes

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by AuntLaVIV(f): 7:36am On Aug 31, 2021
ok
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by verybadmouth(m): 7:36am On Aug 31, 2021
This innovative ideas needs to be tested for years before full implementation.

If you are unemployed or need a better job, check my signature
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Happiboispot(m): 7:36am On Aug 31, 2021
Our governments trying to act like the country is fine. But we all know this country is on the blinks of collapsing. All I know is they finding a new way to drain the mass but don't fall prey to them
Bleep CBN
Bleep Buhari
Bleep yoruba Muslim
Bleep the north
Bleep Fulani

14 Likes 1 Share

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Yeeyo: 7:36am On Aug 31, 2021
Another super story of the year, instead to strengthen the economic of Nigeria but their are talking about e-money ....buhari......,.........
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Freeeanijor: 7:36am On Aug 31, 2021
Why was cryptocurrency demonise in this country and start-ups discouraged from continuing their businesses?. CBN continue with your regulatory function and allow private companies run these business. Government business get as e dey be.

1 Like

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by 3rdavefarms(m): 7:37am On Aug 31, 2021
Ok
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by SecretReporter(f): 7:37am On Aug 31, 2021
G
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Habs4800: 7:37am On Aug 31, 2021
Still a stable coin, not interested

2 Likes 1 Share

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by SecretReporter(f): 7:37am On Aug 31, 2021
Rubbish

3 Likes 1 Share

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by SEGLIZ: 7:37am On Aug 31, 2021
e-money
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by nauto: 7:37am On Aug 31, 2021
ok
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Prismprecious(f): 7:37am On Aug 31, 2021
I'm curious.

Last I checked, the government never doles out a policy or invention that favors the masses.

How can we then profit from this?
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Charisma01: 7:37am On Aug 31, 2021
The day you talk rubbish, CBN locks your account.

8 Likes

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by tomilayomi: 7:37am On Aug 31, 2021
Pure scam grin

1 Like

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Seniorwriter(m): 7:37am On Aug 31, 2021
Laughable....very hypocritical administration maladministration...you ban a thing then turn around to want to institutionalize it after tagging it fraudulent. I remember this same government telling us not to indulge in crypto because it is another MMM grin.... SMH! Lolz.
another strategy to milk online earners.....
Same people that can't use their thinking cap to think out of the box and resurrect the dying naira as a currency wants to delve into decentralized monetary transactions that can disappear into thin air with just one simple error! Very very laughable.
shevy878:
Stupid government after banning cryptosystem in the country, you now want to lunch your own e currency. Yeye dey smell.

bunnae:
Instead of them to fix the Nigerian currency. I wonder what NGN/eNGN Pair would look like.

Nigeriaaa1960:
Wrong policy every single day from Confused CBN

Okuda:
we are not interested. it would just be another "stable" unstable coin

Yeeyo:
Another super story of the year, instead to strengthen the economic of Nigeria but their are talking about e-money ....buhari......,.........

greatiyk4u:



Commend when necessary

Local content not bad
Really? Commend what ? So to you just launching an e-currency is already a successful economic development! SMH@you....FYI crypto crashes or mistakes create more devastating consequences than dwindling currency strength....emphasis on crashes
greatiyk4u:


Starting from somewhere
Pinned

WE NEED YOUNG VISIONARY LEADERS IN NIGERIA COME 2023!.

@SENIORWRITER

3 Likes 2 Shares

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Okuda(m): 7:38am On Aug 31, 2021
we are not interested. it would just be another "stable" unstable coin

2 Likes

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Firstcitizen: 7:38am On Aug 31, 2021
ok
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by bunnae(f): 7:38am On Aug 31, 2021
.
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Nigeriaaa1960(f): 7:38am On Aug 31, 2021
Wrong policy every single day from Confused CBN
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Tunasco4u(m): 7:38am On Aug 31, 2021
Ok
Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Tamedo101(m): 7:38am On Aug 31, 2021
angry

I will hold a very long position against this currency and watch it nosedive just like the naira.

Let's see what mechanism they'd use, can we have our keys to the wallet? Can they survive a 51% attack? Many more questions begging for answers. I'd love to personally hack those tech. We can't wait

cheesy

1 Like

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by bunnae(f): 7:39am On Aug 31, 2021
Instead of them to fix the Nigerian currency. I wonder what NGN/eNGN Pair would look like.

1 Like

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by diana158(m): 7:39am On Aug 31, 2021
I love this news I just wish they will follow it through, the big question is will it be pegged to the value of the Nigerian naira?

2 Likes

Re: CBN Announces Plan To Launch E-Naira Wallet, Reveals CBDC Guidelines by Paramountguy: 7:39am On Aug 31, 2021
Naira is valueless. Sew suit give aboki, na aboki him go still remain.
E-wallet or no e-wallet, naira don cast finish!

4 Likes

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